Daily One Banking Term ( 05 Sep 2017 )

✔️Automated Teller Machine (ATM):
▪️A machine, activated by a magnetically encoded card or other medium that can process a variety of banking transactions. These include accepting deposits and loan payments, providing withdrawals, and transferring funds between accounts.

✔️ Automatic Bill Payment:
▪️A checkless system for paying recurring bills with one
authorization statement to a financial institution. For example, the customer would only have to provide one authorization form/letter/document to pay the cable bill each month. The
necessary debits and credits are made through an Automated Clearing House (ACH).

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